Some people collect cars. Chinese billionaire Eric Li Shufu, founder of Geely Auto, accumulates commercial relationships with foreign carmakers. Already he controls Volvo Cars and has interests in Mercedes, Lotus and Aston Martin among others. Add Renault to the list of partners.

Li’s Geely Automobile Holdings and France’s Renault on Tuesday signed a joint venture to make hybrid powertrains and internal combustion engines. But this JV is more than a component deal with a European carmaker. It presages Geely’s efforts to expand its electric vehicles overseas.

The joint venture targets annual sales of €15bn, not far from total Geely Auto Holdings revenues. It will produce up to 5mn engines and transmissions annually using existing capacity. Geely, via its subsidiary Aurobay Holding, will hold a third of the joint venture. Half goes to Renault and the remaining stake to Geely Holding subsidiary GHPT. Saudi Aramco is pondering a separate investment.